U.S. Stocks Hit Record on U.S.-China Trade Truce (Bloomberg)

Reality Check: Global Manufacturing Slump Points to Continued Weakness (Bloomberg)

Funds Confront a $30 Trillion Wall of Worry (Bloomberg)
Concerns are reverberating across the financial world after Bank of England Governor Mark Carney warned that funds pushing into a host of risky investments — in some cases, without investors fully understanding the dangers — have been ‘built on a lie.’

Melted Alaska Sea Ice Alarms Coast Residents, Scientists (Associated Press)
The last five years have produced the warmest sea-surface temperatures on record in the region, contributing to record low sea-ice levels.

Video of the Day: Freak Hail Storm Strikes Guadalajara, Mexico (Agence France Presse)
The storm trapped vehicles in ice pellets up to two meters deep just days after the city temperatures were 31°C (88°F). Watch on TicToc by Bloomberg here.

Escalation: Hong Kong Protesters Enter, Vandalize City Legislature (Bloomberg)

Ratings Record: Thursday’s Democratic Presidential Debate Pulls In 18 Million Viewers (Bloomberg)

Pentagon Report: U.S. Underestimating Putin’s ‘Grand Strategy’ for Russian Dominance (Axios)

Jimmy Carter: Trump Wouldn’t be President Without Help from Russia (Washington Post)

Deutsche Bank Plans to Cut as Many as 20,000 Jobs in Revamp (Bloomberg)

Banks Need a Better Climate Change Strategy (Financial Times)
In April, the Bank of England said UK-regulated banks and insurers must put in place comprehensive plans to manage the financial risks of climate change and designate responsible senior managers. I expect the BoE’s move will be quickly replicated elsewhere. The Financial Stability Board’s task force on climate-related financial disclosures, chaired by Michael Bloomberg, is helping drive this agenda globally.

Books section. 12 Climate Change Books For Your Summer Reading List (Yale Climate Connections)
In ‘Climate of Hope’ by Michael Bloomberg and Carl Pope, the authors provide a road map for tackling the most complicated challenge the world has ever faced. Along the way, they turn the usual way of thinking about climate change on its head: from top down to bottom up, from costs to benefits, and from fear to hope.

Photo of the day.

Bloomberg’s New York summer picnic returned to Randall’s Island this weekend with more than 14,000 Bloomberg employees and guests. The picnic featured acrobats, jugglers, magicians, sequin face painting, volleyball, badminton, bumper cars, roller skating and an epic dance party that helped mark World Pride weekend. Here’s the boss at the picnic on Sunday.

Best of late night.

“According to a new poll, more than 60% of Americans believe that Facebook has too much power. Said people who took the poll: ‘What? I never took that poll!’”
— Seth Meyers

On the Democratic debates:

“Pete Buttigieg said that Democrats needed to move the party forward, and claimed his opponents wanted to return to the 1990s. Hey Pete, the top movies right now are Toy Story, Men in Black and Aladdin, we’re already back in the 90s!”
— Jimmy Fallon

Best of Satire: Debate Viewers Struggle with Concept of President Without Glaring Personality Disorder (The New Yorker – Andy Borowitz)
In interviews across the country, Americans said that they were having difficulty imagining a President who does not display flagrant signs of malignant narcissism, impulse-control deficit, or rampant paranoia.